Artisanal Fishing Loans

Loan For:

• Capital investment (eg. Vessel Purchase, GEO Tracking Device)
• Boat Repairs and Maintenance
• Repair or replace fishing gears and equipment
• Working capital
• Revolving Line of Credit (RLOC)

Loan Size:

• Minimum Loan Size: $3,000

• Maximum Loan Size: UP TO $150,000

Eligibility:

• Male or Female Belizean nationals and Legal Residents of Belize
• Ages 18 and older
• Must be the holder of a valid fishing license from the Fisheries Department.

Benefits:

1. Extended Grace Period – Up to 3 months (Principal)
2. Interest Rate –
   1. Variable Interest rate: 8.5%- 12.0% on the reducing balance; based on risk.
   2. Women Fishers we are offering a rate of 8.0% to 11.0%.
3. Frequency of Payments – Based on Cash Flow: Seasonal, Weekly, Monthly, Quarterly, Bi-Annually, Annually.
4. Rebate – Good repayment record and compliance with loan covenants of 12 consecutive months = 1-month Interest moratorium.

Loan Term:

• Maximum loan term: up to 84 months (excluding grace period), depending on the type of loan identified.
  • ·Seasonal loan will be for a maximum of 1 year
  • ·The revolving loan will be renewed annually.
  • ·Fishing investment for gears and equipment will be for a maximum of 5 years.
  • ·Capital Investment will be for a maximum of 7 years.

Application Requirements:

1. Copy of Valid ID: Social Security or Passport only
2. Proof of Address: Utility bill in your name not more than 3 months old (If the utility bill is not in your name, then provide a letter of authorization/confirmation from the bill holder along with the bill holder’s valid ID.
3. License: Valid Fishing License issued by the Department of Fisheries for fishing in Area 8
4. Vessel Documents: Copy of Vessel/Seaworthiness documents (if applicable)
5. Delivery/Sales Records: – eg. Letter from a cooperative, Letter from a usual buyer or receipts of sales
6. Proof of Income: Last 6 months’ bank statement (if applicable)
7. Proof of liabilities: (if applicable) – e.g., loan statement, credit card statement, court statement, quick stop statement, etc.
8. Quotation/estimate: for the intended use of funds e.g. copies of invoices for purchasing equipment and gear, and quotations for repairs and maintenance to be done
9. Contribution: Statement outlining your contribution (item and value – eg. Boat – $XX.00, Fishing Gear – $XX.00)

Collateral

• $3,000 to $5,000 – Promissory note only.
• $5,001 to $30,000 –1 sound guarantor and/or combination of Bill of Sale (boat, machinery and equipment) or Receivables.
• $30,001 to $150,000 – Real Estate and/or a combination of Real Estate Bill of Sale( boat, machinery and equipment). Collateral flexibility will be offered to women Fishers.

Clear and legible pictures of collateral to be used as loan security will be required. 

Note:

New & Existing clients- 5% of total project cost for loans below $25,000 and 10% of project cost for loan in excess of $25,000.

• Borrowers’ contribution can be:

  • Cash/savings
  • Fix asset (land, building, equipment, boat etc.)
  • Payment in kind (skilled or unskilled labor).

Loan fees are fully covered by loan funds if required